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TLDR:
BlackRock has launched its first tokenized fund on Ethereum, called the BlackRock USD Institutional Digital Liquidity Fund (“BUIDL”). The fund offers investors the opportunity to earn U.S. dollar yields by subscribing through Securitize Markets, LLC. With a focus on tokenization, BUIDL provides benefits such as on-chain offerings, transparent settlement, and transfers across platforms. BNY Mellon will enable interoperability for the Fund between digital and traditional markets, with initial ecosystem participants including Anchorage Digital Bank NA, BitGo, Coinbase, and Fireblocks. The Fund invests in cash, U.S. Treasury bills, and repurchase agreements, offering stable value and daily accrued dividends to investors. BlackRock has also made a strategic investment in Securitize, with Joseph Chalom appointed to the Board of Directors. PricewaterhouseCoopers LLP will serve as the Fund’s auditor.
Blackrock Launches Its First Tokenized Fund on Ethereum
BlackRock has unveiled its first tokenized fund issued on a public blockchain, the BlackRock USD Institutional Digital Liquidity Fund (“BUIDL”). This fund, available to qualified investors through Securitize Markets, LLC, aims to provide U.S. dollar yields. With a focus on tokenization, BUIDL offers benefits such as on-chain offerings, transparent settlement, and transfers across platforms. BNY Mellon will enable interoperability for the Fund between digital and traditional markets.
The Fund invests 100% of its total assets in cash, U.S. Treasury bills, and repurchase agreements, allowing investors to earn yield while holding the token on the blockchain. BUIDL seeks to offer a stable value of $1 per token and pays daily accrued dividends directly to investors’ wallets as new tokens each month. Investors can transfer their tokens 24/7/365 to other pre-approved investors, with flexible custody options available for holding tokens.
BlackRock has also made a strategic investment in Securitize, with Joseph Chalom, BlackRock’s Global Head of Strategic Ecosystem Partnerships, appointed to Securitize’s Board of Directors. PricewaterhouseCoopers LLP will serve as the Fund’s auditor, ensuring compliance and transparency in the tokenized fund’s operations.
